Published on: 2025-10-23
Oil prices jumped on Thursday, extending gains from the previous session, after the US imposed sanctions on Russian oil companies Rosneft and Lukoil over the Ukraine war.
The new sanctions aiming to imperil a war machine were unveiled one day after plans for a summit between Trump and Putin were put on hold –a turnaround for the White House.
EU countries on Wednesday approved a 19th package of sanctions on Moscow that included a ban on Russian LNG imports. Trump reiterated India has agreed to reduce purchase of Russian crude.
US oil inventories unexpectedly decreased in the week ending 17 October, said the EIA, which implies that analysts may have underestimated the resilience of energy markets.
Fuel oil imports to the Gulf Coast surged to a two-and-a-half-year high in September, driven by a jump in cargoes from the Middle East, as refiners seek alternatives to dwindling Venezuelan crude supplies, according to preliminary data.
China has significantly increased crude stockpiling this year. The crude import volumes going into the worlds biggest importer have held relatively strong despite an imminent peak in demand for road transportation fuels.
Crude prices pushed above $63.70, a bullish sign for its trajectory going forward. We expect it to overcome $64 soon, before testing the resistance around $64.10.
As of market close on 22 October, among EBC products, WTI crude and RTX group led gains, though global markets showed signs of fatigue.
The FTSE 100 was an outlier, benefiting from the latest inflation report and earnings from major companies. CPI came in lower than expected, reinforcing the case for more rate cuts.
Netflix was thrashed as it missed big on profit. The company attributed the earnings miss to an unexpected $619 million charge related to the Brazilian tax dispute.
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